Refinancing Motive Shifts from Saving To Putting Cash in Homeowners'

Fewer homeowners are refinancing their mortgages this year, and those who do have different objectives than last year.

Freddie Mac reported this week that 57% of those who chose to refinance in the second quarter took a loan at least 5% higher than the balance on the original mortgage, the same percent as in the first quarter. With a strong housing environment and low interest rates, Freddie expects this trend to continue.